DUBLIN, Feb. 12, 2024 /PRNewswire/ — The “Critical Illness Insurance Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
As economies worldwide grapple with an increasing burden of healthcare costs, the critical illness insurance market is witnessing an unprecedented surge, particularly in North America and Asia-Pacific regions.
The report reveals that the market has grown from $249.05 billion in 2023 to an anticipated $286.98 billion in 2024, equating to a vigorous compound annual growth rate (CAGR) of 15.2%. This growth trajectory is set to continue, with projections reaching $451.59 billion by 2028, at a CAGR of 12%.
Key Drivers of Market Expansion
The analysis identifies several factors contributing to the growth of critical illness insurance, including the rising costs of healthcare, advancements in medical technology, a broader understanding of critical illness risks, and the evolving provision of employment-based benefits.
Additionally, the inclusion of a wider range of critical illnesses, such as Alzheimer’s disease and Parkinson’s disease, in insurance policies is highlighted as a notable trend, expanding the market’s potential. A case in point is the estimation by the Parkinson’s Foundation of a rise in individuals affected by Parkinson’s disease in the US to 1.2 million by 2030.
Innovations from Leading Companies Fueling Market Growth
Furthermore, the report sheds light on strategies by leading players in the critical illness insurance domain, citing innovations in policy offerings that address diverse customer needs. Illustrating this trend is the collaboration between Huize Holding Limited and Junlong Life to launch a comprehensive policy covering over 120 severe illnesses.
Strategic Acquisitions Reshaping the Market
Recent consolidations within the sector are also dissected, such as Lloyds Banking Group’s acquisition of Cavendish Online, which aims to significantly enhance its market presence and consumer relations.
Extensive Coverage Across Critical Illness Insurance Types and Regions
- The report explores both individual and family insurance types, describing coverage options and payment models.
- The regional analysis includes extensive data on North America, Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
- Country-specific insights are provided for nations such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Italy, Spain, and Canada.
Valuable Resource for Stakeholders in the Critical Illness Insurance Market
The publication of this report offers crucial insights for stakeholders and is structured to deliver a comprehensive perspective, analyzing both current conditions and future market prospects. It features key metrics and analyses of market segments, trends, opportunities, and the competitive landscape.
The information is derived from robust sources and is formulated to assist insurance companies, healthcare providers, financial planning professionals, policymakers, and researchers to make informed strategic decisions within the critical illness insurance market. This in-depth research serves as an indispensable resource for understanding the complexities and dynamics of the market.
The value of the critical illness insurance market reported is based on premiums paid by the insured. This extensive analysis showcases the critical illness insurance landscape and covers the market’s sales of products by entities engaged in directly underwriting such policies.
Companies Profiled
- China Life Insurance Company Limited
- Allianz SE
- Ping An Insurance Company of China Ltd.
- Aviva plc
- Legal and General Group plc
- China Pacific Insurance Co. Ltd.
- Prudential plc
- New China Life Insurance Co. Ltd.
- Aegon NV
- AXA SA
- American International Group Inc.
- Sun Life Financial Inc.
- Aflac Inc.
- Huaxia Life Insurance Co., Ltd.
- MetLife Inc.
- Zurich Insurance Group Ltd.
- Hospitals Contribution Fund of Australia Limited
- Dai-ichi Life Insurance Company Limited
- UnitedHealthcare Inc.
- Liberty Mutual Group
- Bajaj Allianz General Insurance Company Limited
- Cigna Group
- Future Generali India Insurance Company Limited
- Royal London Mutual Insurance Society Limited
- United HealthCare Services Inc.
- Plum Benefits Private Limited
- Tata AIG General Insurance Company Limited
- AmMetLife Insurance Berhad
- Star Union Dai-ichi Life Insurance Company Ltd.
- Manulife Financial Corporation
- Great-West Lifeco Inc.
- Canada Life Assurance Company
- Chubb Limited
- Assurity Life Insurance Company
- Colonial Life and Accident Insurance Company
- Mutual of Omaha
- New York Life Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/7bxuz2
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